Consumer Duty and Protection: Product Lifecycles

Consumer Duty requires that all parties monitor their consumers throughout the lifetime of the products to ensure they remain suitable - otherwise they may not represent fair value and could result in poor outcomes. The monitoring requirement may at first seem an arduous task - especially as the industry has spent years debating the far simpler task of annual statements. To ensure suitability, monitoring must cover changes in characteristics and circumstances - for example, the suitability of products should reflect changes in both employment and family. For income protection, if the ...